FOR IMMEDIATE RELEASE
NAIC SHINES SPOTLIGHT ON CYBERSECURITY
WASHINGTON, D.C. (Jan. 29, 2015) - Officers and the leadership of the National
Association of Insurance Commissioners (NAIC) have identified cybersecurity
in the insurance sector as a key initiative for the year. A new
Cybersecurity (EX) Task Force has been created to monitor emerging cyber
risks, their impact on the industry and whether regulatory action will be
"We're hoping to propose additional guidance
to insurance examiners to assure the nation's insurers are using the best
risk management practices available to manage their risk of cyber loss,"
said NAIC President and Montana Commissioner of Securities and Insurance
Monica Lindeen. "In addition, we'll also consider collecting detailed
information from insurers writing cyber security coverage for other
businesses to learn more about how the nascent market is evolving."
North Dakota Insurance Commissioner and
immediate NAIC Past President Adam Hamm will serve as chair of the
Cybersecurity Task Force while South Carolina Department of Insurance
Director Raymond G. Farmer will serve as vice chair.
The task force will coordinate NAIC efforts
regarding: the protection of information housed in insurance departments
and the NAIC; the protection of consumer information collected by insurers;
and monitoring cyber-liability market. The group will report and make
recommendations to the Executive Committee.